Land and property valuers estimate the market value of land, buildings and commercial property (real estate) for clients, with a view to maximising profit from sale or rental income. Their valuations are also used as a basis for property taxation and rating levels set by local authorities. Valuers are normally qualified surveyors who specialise in this particular field. They work for private companies, local, regional and national government.
Part of the work involves compiling detailed reports for clients on the land or property concerned. Once details are agreed, the agent will organise the auction, market it to attract potential bidders, and manage the auction process itself until a successful conclusion is reached.
Other aspects of the work include:
Valuers need to have an appreciation of elements that can influence price such as site, business potential, and legal, social and economic factors.
Some valuation surveyors specialise in dispute resolution, which may include appearing as an expert witness if the parties start formal legal proceedings. Valuers can also specialise in valuing and auctioneering plant and machinery.
Valuers normally work 37 to 40 hours a week, however, for viewing property and holding auctions, some weekend or evening work may be necessary. Many auctions are held at weekends to attract the maximum number of potential bidders.
Outdoor work is common for land and property valuers. Auctions may also be held out of doors, when conditions permit. Valuers should be willing to travel and usually need a driving licence.
To be a valuer and auctioneer you should:
Language skills will be extremely useful if you want to work for transnational companies involved in valuing assests in Europe and further afield.
Relevant degrees for this line of work include real estate management, property developement and valuation and quantity surveying and commercial management. Your degree or professional qualification will usually need to be approved by the Royal Institution of Chartered Surveyors in order for you to become a land and property valuer.
Non-accredited degrees doesn't mean a dead end into this line of work. You can take a postgraduate course that awards an accredited qualification in surveying to help you get a foot in the door.
Opportunities exist in private practices such as estate agencies, auctioneers and surveying firms. Financial institutions, the Civil Service and local government, the Valuation Office Agency are other possibilities.
Many opportunities depend upon building up relevant experience, as well as possessing appropriate academic qualifications. Some valuers become consultants and work on a freelance basis. There may be opportunities to work with firms offering European cross-border valuation services, as land and property markets open up. The development of international valuation standards due to increased globalisation in the market place will also lead to opportunities for those with the right experience and technical skills.
If you would like to learn more about becoming a land and property valuer/auctioneer that does not appear on Hotcourses, further information can be found below.
Royal Institute of Chartered Surveyors
Tel: 0870 333 1600
Institute of Revenues, Rating and Valuation
41 Doughty Street
2 The Courtyard
48 New North Road
Helpline: 08000 567160